Find a company you are interested in, and you can bet there is an accountant in the picture planning...

Accountants work for almost any organization you can think of. Find a company you are interested in, and you can bet there is an accountant in the picture planning for next year’s budget, chasing down an expense report from the owner, or advising managers on financial issues. For-profit businesses, not-for-profit organizations, and public accounting firms all hire accountants.

Accounting career opportunities vary from the entry-level accounting clerk to the accountant who...

Accounting career opportunities vary from the entry-level accounting clerk to the accountant who handles a wide range of responsibilities. Some accountants work for public accounting firms and are certified public accountants. A certified public accountant (CPA) is licensed by the state to perform independent audits of corporations. Public accounting firms provide many job opportunities including

• auditing,

• financial planning,

• preparing tax returns, and

• forensic accounting.

Explain the characteristics and purposes of cost accounting.

Explain the characteristics and purposes of cost accounting.

Describe the flow of costs in a job order costing system.

Explain the nature and importance of a job cost sheet.

Use these strategies to set and accomplish career goals

Use these strategies to set and accomplish career goals:

• Map out a plan.

• Consider the education required.

• Find a part-time job to get some on-the-job training.

• Check into internships available in your field of interest.

Prepare journal entries for each type of manufacturing cost.

Prepare journal entries for each type of manufacturing cost.

(a) Raw material purchases of $4,200 on account.

Raw Materials Inventory	4,200
Accounts Payable		4,200

(b)Incurs factory labor of $18,000. Of that amount, $15,000 relates to wages payable and $3,000 relates to payroll taxes payable.

Factory Labor	18,000
Factory Wages Payable		15,000
Employer Payroll Taxes Payable		3,000

Prepare the summary entry for manufacturing overhead in Wallace Manufacturing Company.

Wallace Manufacturing incurs $32,000 of factory labor costs. Of that amount, $27,000 relates to wages payable and $5,000 relates to payroll taxes payable in February. What is the entry of record factory labor for the month is?

Using assumed data, Prepare the summary entry for manufacturing overhead in Wallace Manufacturing Company.

In January 2006, the five managing partners of Infosys Consulting (ICI), also known to the...

Infosys Consulting in 2006 Leading the Next Generation of Business and Information Technology Consulting

In January 2006, the five managing partners of Infosys Consulting (ICI), also known to the leadership of ICI’s parent company Infosys Technologies as “the dream team,” congregated at the St. Regis resort in Orange County, California for their first team meeting of the year. CEO and managing director Steve Pratt, COO and managing director Paul Cole, managing director Romil Bahl, managing director and founder Raj Joshi, and managing director Ming Tsai (see Exhibit 1 for management bios) were all proud of how much the company had achieved since its inception in April 2004 as a wholly owned U.S. subsidiary of Infosys Technologies. The firm had more than 100 consulting engagements and had grown from its inception in April 2004 to over 200 employees in January 2006, achieving its two year recruiting target. It was also on plan for both its own revenue target and its target contribution to Infosys Technologies’ revenue through the third quarter of its second year of existence. Moreover, ICI’s managing partners were confident that the subsidiary had contributed to Infosys Technologies’ ranking in Wired magazine’s Top Ten Company list in May 2005 and high ratings from analysts in 2004 and 2005 (see Exhibit 2). However, the five managing partners saw several challenges ahead for ICI. Driven by Infosys Technologies’ COO Kris Gopalakrishnan’s edict to “compete with the best,” the team aspired to be ranked alongside IBM and Accenture, leaders in the business and information technology consulting industry (see Exhibit 3 for company rankings). They also faced internal challenges of leveraging Infosys Technologies, interfacing productively with the parent company and managing growth as they built the organization. In addition, each managing partner was committed to “changing the rules of the game within the consulting industry” in the founding partner Raj Joshi’s words. By applying Infosys Technologies’ approach to global delivery, the leadership team at ICI believed the firm had created a unique model in business and information technology consulting that shortened the lifecycle from business consulting to technology implementation, reduced the costs of a typical client engagement and delivered measurable benefits to clients. Flashback to April 2004: The Inception of Infosys Consulting The evolution of global Information Technology (IT) service companies in India began in the 1990s with the procurement of application development and maintenance services by American companies. Business Process Outsourcing (BPO) work in India was largely conducted by captive units, for example, companies like General Electric would perform BPO through subsidiaries in India rather than work with third party companies like Infosys Technologies. From 1993 through 1999, as U.S. firms gained confidence in working with Indian companies and wanted to leverage the benefits of off shoring services by taking advantage of high quality services at lower price points, Indian companies like Infosys Technologies started expanding their footprint by adding service lines.